Tech Mahindra has acquired three of Finastra‘s cash management products as it expands its banking software portfolio. The financial terms of the deal were not disclosed.

The acquisition covers Fusion Cash Management (FCM), Fusion Virtual Accounts (FVA) and Fusion Liquidity Management (FLM), along with their intellectual property (IP).

The deal also includes IP and capabilities across CashPlus, Global CashPlus, payables, receivables, balance and transaction reporting, liquidity management, cash flow forecasting, virtual accounts and application programming interfaces (APIs).

Tech Mahindra aims to maintain access to the platforms, services and support for existing customers.

Experienced product engineering and customer success staff will also transition to the company.

Anil Venuturupalli, SVP, Banking Group and Chief Product Officer, Financial Services at Tech Mahindra, said,

“The acquisition of Finastra’s Cash Management product suite strengthens our banking products portfolio and expands our ability to support financial institutions across critical cash and liquidity management needs.

Through this acquisition, we are creating a strong foundation for continued innovation. Our focus is on evolving these capabilities to help banks address the growing demand for intelligent, connected and efficient cash management solutions.”

The deal builds on the companies’ existing partnership and Tech Mahindra’s Finastra Centre of Excellence.

Ruchir Purwar, Head of Partnerships and Cross Selling Sales at Finastra, said,

“Tech Mahindra brings deep banking and technology expertise and already knows our business well.

We’re confident they are well positioned to take these solutions forward and continue supporting customers as their needs evolve.”

Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Magnific

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